IQVIA

IQV · NYSE · Health Care · Financials, fiscal 2016 to 2025

IQV · Last close · October 26, 2026

$273.60

IQVIA's revenue rose 5.9% to $16.3 billion in fiscal 2025. Its operating margin was 13.4%, down from 14.3% a year earlier. Free cash flow was $2.1 billion, down 3.0%. It paid out $1.2 billion in dividends and buybacks, 61% of free cash flow. The diluted share count fell 5.4%.

IQVIA HOLDINGS INC. Latest fiscal year ended December 31, 2025 10-K filed February 17, 2026 · 0001628280-26-008322 Updated October 9, 2026

Revenue

$16.3B

5.9%

Operating margin

13.4%

0.9 pts

Net income

$1.4B

0.9%

Free cash flow

$2.1B

3.0%

Return on capital

9.4%

0.3 pts

Market cap

$46.5B

Oct 26 close

P/E

33.9x

On $8.06 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What IQVIA does

IQVIA provides clinical research services, data and technology to drug makers, medical device companies, researchers, government agencies and other health care groups. It runs clinical trials on behalf of its clients and sells software and information about prescriptions, sales and treatments. Its data comes from about 150,000 suppliers and covers records on patients who are not identified by name. It says its information covers around 90% of the world's pharmaceuticals, as measured by 2024 sales.

It has three reportable segments. Technology and Analytics Solutions sells cloud-based software and data insights. Research and Development Solutions runs clinical trials and related research for clients. Contract Sales and Medical Solutions provides outsourced sales and medical staff to life sciences companies. It says the segments support one another when a client buys several.

IQVIA has about 93,000 employees in over 100 countries, with roughly 51,000 in research and development, 31,000 in technology and analytics, and 7,000 in contract sales and medical solutions.

Its biggest risks, as it describes them

Reliance on data bought from third-party suppliers for its information services.
Failing to meet contract, regulatory and ethical standards in trials, which could be costly.
Underpricing contracts or running over its cost estimates on fixed-price work.
Security breaches or failures of its information systems, or those of its vendors.
Protecting its intellectual property, and claims that it infringes on others'.

From IQVIA's annual report on Form 10-K, filed February 17, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 36.7% a year and net income 38.6% a year, as new shares raised the share count by 14% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value IQVIA yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from IQVIA's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from IQVIA's fiscal 2025 free cash flow of $2.1B, net cash of −$13.8B at December 31, 2025 and 174 million diluted shares, from its filings. The scenarios are fitted to IQVIA: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 4.2% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Life Sciences Tools & Services); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to IQVIA's own revenue growth, as above. Cautious: growth of 2% then 2% a year, 2% after year 10, a 10% discount rate. Base: growth of 4% then 3% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 6.5% then 5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $273.60
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from IQVIA's earnings per share of $8.06 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 33.9×, the middle of IQVIA's own P/E today, its peers' median and its sector's median (IQVIA's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to March 31, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Danaher, Agilent Technologies, Thermo Fisher Scientific.

Earnings growth in the years ahead (% a year) Starts at IQVIA's revenue growth over the last 3 years, 4.2% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $273.60
Value at this multiple, against the last close: —
IQVIA's P/E at the last close: 33.9×

Company	Last close	Earnings per share	P/E today
DanaherDHR	$232.97	$6.11	38.1×
Thermo Fisher ScientificTMO	$684.89	$18.59	36.8×
Agilent TechnologiesA	$175.96	$5.07	34.7×
IQVIAIQV	$273.60	$8.06	33.9×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,477	1,309	1,496	1,843	2,141
Debt incl. finance leases	12,311	12,976	13,901	14,207	15,942
Net debt (negative means net cash)	10,834	11,667	12,405	12,364	13,801
Net debt to EBITDA	4.1x	4.0x	4.0x	3.7x	4.2x
Debt to equity	2.0x	2.2x	2.3x	2.3x	2.5x
Interest coverage	3.7x	4.3x	2.9x	3.3x	3.0x
Current ratio	0.9x	0.9x	0.9x	0.8x	0.8x
Quick ratio	0.9x	0.9x	0.9x	0.8x	0.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought IQVIA shares on the open market, and 6 insiders sold $51.4 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 2, 2026	James G. BerkshireSee Remarks	Sold	2,668	$261.33	$697,228	Form 4
Aug 3, 2026	Staub W RichardSee Remarks	Sold	5,500	$232.68	$1.3 million	Form 4
Jul 31, 2026	Bhavik PatelSee Remarks	Sold	1,855	$235.27	$436,426	Form 4
Jul 29, 2026	Ari BousbibSee Remarks, Director	Sold	106,279	$245.51	$26.1 million	Form 4
Jul 29, 2026	Eric SherbetSee Remarks	Sold	5,000	$249.16	$1.2 million	Form 4
Jul 29, 2026	Keriann CherofskySee Remarks	Sold	558	$245.21	$136,827	Form 4
Dec 18, 2025	Ari BousbibSee Remarks, Director	Sold	36,564	$222.43	$8.1 million	Form 4
Oct 29, 2025	Ari BousbibSee Remarks, Director	Sold	56,557	$220.33	$12.5 million	Form 4
Oct 29, 2025	Eric SherbetSee Remarks	Sold	4,000	$219.70	$878,800	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Pass
F-score	6 of 8	5 of 8	5 of 8
Accruals ratio	−3.0%	−5.0%	−4.5%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put IQVIA side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
IQVIA	FY25	5.9%	13.4%	12.6%	9.4%	4.2x	5
Danaher	FY25	2.9%	19.1%	21.4%	6.1%	1.9x	7	Compare
Agilent Technologies	FY25	6.7%	21.3%	16.6%	16.5%	0.9x	5	Compare
Avantor	FY25	−3.4%	−3.8%	7.5%	−2.0%	22.0x	5	Compare
Thermo Fisher Scientific	FY25	3.9%	17.4%	14.1%	9.1%	2.8x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	6,878	9,739	10,412	11,088	11,359	13,874	14,410	14,984	15,405	16,310
Revenue growth	19.9%	41.6%	6.9%	6.5%	2.4%	22.1%	3.9%	4.0%	2.8%	5.9%
Gross profit	3,642	5,117	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	576	665	741	777	731	1,393	1,799	1,977	2,202	2,182
Net income	72	1,277	259	191	279	966	1,091	1,358	1,373	1,360
Diluted EPS (US$)	0.47	5.74	1.24	0.96	1.43	4.95	5.72	7.29	7.49	7.84
Diluted shares (millions)	152	223	208	200	195	195	191	186	183	174
Cash flow
Cash from operations	860	970	1,254	1,417	1,959	2,942	2,260	2,149	2,716	2,654
Capital expenditure	164	369	459	582	616	640	674	649	602	603
Free cash flow	696	601	795	835	1,343	2,302	1,586	1,500	2,114	2,051
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	1,097	2,620	1,405	949	447	406	1,168	992	1,350	1,244
Acquisitions	1,887	854	309	588	177	1,458	1,315	876	735	1,714
Stock-based compensation	106	106	113	146	95	170	194	217	206	247
Balance sheet at fiscal year end
Cash and short-term investments	1,238	1,005	938	899	1,902	1,477	1,309	1,496	1,843	2,141
Debt incl. finance leases	7,219	10,269	11,007	11,645	12,655	12,311	12,976	13,901	14,207	15,942
Total assets	21,208	22,857	22,549	23,251	24,564	24,689	25,337	26,681	26,899	29,944
Total liabilities	12,348	14,613	15,595	16,988	18,284	18,647	19,572	20,569	20,832	23,314
Shareholders' equity	8,633	7,995	6,714	6,003	6,001	6,042	5,765	6,112	6,067	6,503
Margins and ratios
Gross margin	53.0%	52.5%	—	—	—	—	—	—	—	—
Operating margin	8.4%	6.8%	7.1%	7.0%	6.4%	10.0%	12.5%	13.2%	14.3%	13.4%
Net margin	1.1%	13.1%	2.5%	1.7%	2.5%	7.0%	7.6%	9.1%	8.9%	8.3%
Free cash flow margin	10.1%	6.2%	7.6%	7.5%	11.8%	16.6%	11.0%	10.0%	13.7%	12.6%
Return on capital	3.6%	4.1%	3.5%	3.1%	3.5%	7.0%	8.5%	10.2%	9.8%	9.4%
Return on equity	1.8%	15.4%	3.5%	3.0%	4.7%	16.0%	18.5%	22.9%	22.6%	21.6%
Return on assets	0.6%	5.8%	1.1%	0.8%	1.2%	3.9%	4.4%	5.2%	5.1%	4.8%
Net debt to EBITDA	6.9x	5.5x	5.3x	5.4x	5.3x	4.1x	4.0x	4.0x	3.7x	4.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: IQVIA's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with IQVIA.